Sign up United Kingdom
Proactive Investors - Run By Investors For Investors

FAANG Report: Facebook removes 8.7 million images of nude children; Google bans "F" word in workplace

The Netflix model of spending and borrowing big on content is not sustainable, a finance professor at New York University said
Facebook logo.on man wearing sunglasses
Facebook said it removed 8.7 million images of nude children.

Facebook Inc (NASDAQ:FB) said it has removed 8.7 million images of child nudity by using software to automatically flag the sexualized images that are used by pedophiles, a BBC report said.

Of the 8.7 million images removed, 99% were taken down before any Facebook user had reported them, the social media giant said in the report.

Facebook was heavily criticized in 2017 by the chairman of the House of Commons media committee, Damian Collins, over the prevalence of child sexual abuse material on its platform.

In 2016, the BBC found evidence that pedophiles were sharing obscene images of children via secret Facebook groups.

Facebook shares retreated 2.38% to $150.72 by midsession on Wednesday.

READ: Cannabis short-sellers picked up more than $450M in gains on two-day price weakness, says S3 Partners

Alphabet Inc's Google (NASDAQ:GOOG) has banned raunchy language like the "F" word from being shared around the workplace, a report in The Register said.

Those words are being automatically filtered out to prevent staff from seeing them. References to sex acts are no longer allowed in workplace documents and short URLs, the report said.

One worker was quoted in the report as saying: "...it's sensible for people not to swear unnecessarily at each other, but going through and proactively removing obscure links that nobody has ever complained about feels pretty misguided."

Google shares lost 1.13% to $1,091.19.

The US National Institutes of Health announced the addition of Amazon.com Inc's (NASDAQ:AMZN) Amazon Web Services to its Science and Technology Research Infrastructure for Discovery, Experimentation, and Sustainability (STRIDES) Initiative, a report by Forbes said.

The partnership is expected to speed up discoveries in biomedical research, according to Teresa Carlson, vice president of Worldwide Public Sector at AWS.

“We’re committed to providing those researchers participating in the STRIDES Initiative with access to high-value NIH datasets, enabling them to further their research to study, treat and prevent the most devastating diseases,” she said in the report.

Amazon Web Services is a subsidiary of Amazon.com that provides on-demand cloud computing platforms-on a paid subscription basis-to governments, companies and individuals. The service allows subscribers to have access to a virtual cluster of computers, available all the time, through the Internet.

Amazon stock dropped 1.6% to $1,740.20.

READ: Tesla shares hit the brakes as earnings release quietly pushed up by a week

The big spending business model of streaming conglomerate Netflix Inc (NASDAQ:NFLX) is not sustainable, according to a finance professor at New York University in a report by CNBC.

"They borrow money, they make more movies and more original content, they get more subscribers, and then they go to the market to try to push up the market price and then use that to borrow more money," New York University professor Aswath Damodaran said.

"It's not as if they can slow down the production of content once their subscribers hit the cap, because they're training those subscribers almost to expect 20, 25 new shows every year. That's not sustainable," he added.

Shares of Netflix fell 4.33% to $318.73. 

Apple Inc (NASDAQ:AAPL) was fined $11.4 million by Italy for the practice using product updates to slow down their mobile phones, a report by 9to5Mac said.

Rival Samsung was also slapped with a fine of five million euros ($5.7 million). Apple was hit with an additional five million euro fine for failing to give clients clear information about how to maintain or eventually replace handset batteries. 

The anti-trust body said in a statement that some Apple and Samsung firmware updates “had caused serious dysfunctions and reduced performance significantly, thereby accelerating the process of replacing them”.

Apple shares were easier by 0.6% to $221.40.

Reporting by Rene Pastor, contactable on [email protected] 

View full FB profile View Profile

Facebook Timeline

© Proactive Investors 2018

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use